Gome, Li & Fung: Asian Stocks Preview
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Asukanet Co. (2438 JT): The maker of photo albums for professional photographers will conduct a 100-for-1 stock split, adopting minimum trading unit of 100 shares. The stock increased 0.7 percent to 76,500 yen.
Chubu Electric Power Co. (9502 JT): The utility’s latest supply plan omits reference to building a sixth reactor at its Hamaoka plant, a plan that was included in last year’s document. The stock climbed 3.1 percent to 1,559 yen.
Chugoku Electric Power Co. (9504 JT): The utility said it can’t estimate power supply and demand for the year ending March 2013 because of energy-saving measures and an inability to determine when it can restart nuclear reactors shut for maintenance, according to a statement on the company’s website. The stock jumped 3.7 percent to 1,570 yen.
Clarion Co. (6796) (6796 JT): The maker of car audio equipment boosted its full-year net-income forecast 86 percent to 6.5 billion yen ($78 million), citing a recovery on its parts supply-chain hampered by Thailand’s flooding. The stock advanced 3.4 percent to 183 yen.
Gome Electrical Appliances Holding Ltd. (493) (493 HK): China’s electronics retailer said profit for the year ended Dec. 31 fell to 1.84 billion yuan ($292 million) from 1.96 billion yuan. The stock rose 3 percent to HK$2.08.
Hon Hai Precision Industry Co. (2317 TT): Sharp Corp. (6753 JT) plans to raise 66.5 billion yen ($804 million) in net proceeds from a share sale to Hon Hai, the world’s largest maker of electronics, and three related companies as it tries to replenish capital after forecasting a record loss. Hon Hai advanced 1.9 percent to NT$108. Sharp increased 4.4 percent to NT$495.
Honeys Co. (2792) (2792 JT): The apparel maker said profit jumped 59 percent to 1.4 billion yen in the nine months ended Feb. 29, boosted by Chinese sales. The stock climbed 3.1 percent to 1,366 yen.
JFE Holdings Inc. (5411) (5411 JT): JFE Steel, a unit of JFE Holdings, signed an agreement with Taiwan’s E United Group to study the feasibility of building and operating steelworks in Vietnam, according to a statement on JFE’s website. JFE would be the majority shareholder of the steelworks, it said. JFE gained 3 percent to 1,846 yen.
Li & Fung Ltd. (494) (494 HK): The supplier to Wal-Mart Stores Inc. is raising about $500 million in a share sale to bolster working capital, according to terms for the transaction obtained by Bloomberg News. The stock fell 0.4 percent to HK$19.60.
L&T Finance Holdings Ltd. (LTFH) (LTFH IN): The unit of India’s largest engineering company agreed to buy the local mutual funds business of Fidelity Worldwide Investment, according to an exchange filing. L&T Finance’s stock climbed 4.2 percent to 50 rupees.
Renhe Commercial Holdings Co. (1387) (1387 HK): The developer of underground shopping centers said profit for the year ended Dec. 31 rose to 5.27 billion yuan from 3.65 billion yuan. The stock rose 3.5 percent to 90 Hong Kong cents.
Sony Corp. (6758) (6758 JT): Incoming President Kazuo Hirai will head the electronics maker’s home entertainment unit, including its television manufacturing business, the company said in a statement. Sony rose 3.1 percent to 1,742 yen.
Tokyo Electric Power Co. (9501 JT): The utility known as Tepco may sell or invite partial investment in eight thermal plants in Tokyo and three nearby prefectures, the Yomiuri newpaper reported, without citing anyone. The stock added 0.5 percent to 211 yen.
Toyota Motor Corp. (7203) (7203 JT): Asia’s biggest carmaker and Bayerische Motoren Werke AG (BMW GY) have started joint research into next-generation batteries to power cleaner vehicles. The two automakers will try to increase the performance and capacity of lithium-ion batteries with new combinations of materials, Munich-based BMW said in a statement. The stock advanced 3.6 percent to 3,600 yen.
To contact the editor responsible for this story: Nick Gentle at email@example.com